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20121202
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of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from new revenues but with no hike in tax rates for top earners. instead the plan reles on .2 trillion in reduced spending including $600 billion from changes in medicare and medicaid. at the white house today, the president met with a bipartisan group of governors pressing his own plan for deficit reduction. that proposal, $1.6 trillion in revenue from tax increases on the wealthy and $600 billion in spending cuts mostly from reductions in medicare. he also wants authority to raise the debt ceiling without congressional intervention. but governors emerged afterwards treading a line between the two sides. delaware governor jack markel, a democrat, is chairman of the national gove
the level needed to implement his proposals to cut the deficit unless taxes are raid on the wealthy. >> there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax rates will hurt the economy. now we need a response from the white house. >> unless the two sides reach an agreement by the end of this year, the automatic tax increases and spending cuts will take effect in the new year. >>> time to get a check on the markets now. the nikkei here in tokyo rose above the key 9,500 level as concerns about the u.s. economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by
for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare. >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close r directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduation. >> we're here to make things better. we're here to tutor kids. we're here to make sure tha
-war in washington, from one half of the team that produced the deficit-cutting plan republicans say is their inspiration, democrat erskine bowles. >> there are over $7 trillion worth of economic events that are going to hit america in the gut. i think impact would be really strong. if anybody thinks this is going to be a slope better wake up. >> ifill: the link between brain injury and sports, new evidence ties repeated blows to the head to long-term damage. we take a look. >> brown: ray suarez looks at the firestorm over israel's announcement it will expand settlements in the west bank. >> ifill: elizabeth brackett looks at how one chicago school is dealing with the transition to new state-wide standards. >> i really did find that the kids do understand more, and they learn more. they're more interested in what they're learning. >> brown: plus, as global carbon dioxide levels hit record highs, we analyze the increasing difficulty of combating climate change, with carol davenport of the "national journal." >> ifill: that's all ahead on tonight's newshour. major funding for the pbs n
aggressive boj easing include prime minister noda. >> translator: construction bonds and deficit covering bonds are both debts. it could but the wrong economic policy to depends on the bonds and make the boj buy them. >> reporter: economists are also split on the issues. there's a lot the bank of japan can do. >> reporter: the boj can take a number of measures. one is to expand the balance sheet. the bank can buy more government bonds and even foreign bonds. another important step is for the boj to have a clear target for price increases. >> reporter: monetary easing alone cannot overcome deflation. >> defeating deflation is possible, unrealistic and not feasible and also destable ieid. >> what's needed to end japan's deflation and rescue japan out of its slump. >> deregulating medical industry, agriculture and maybe try to increase a number of immigrants. that'd be very important. collapse of the japanese marts that probably lead to a significant deposits. when it starts to fall out and banks cannot bjb's, interest will go up. that's how effects are huge. financial system may become real
in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the president rejected the proposal republicans presented him yesterday. it would cut the debt by $2.2 trillion over ten years, but would not raise taxes on america's highest earners, the biggest sticking point. the two sides seem to be allowing themselves room to bargain. the president said today he'd be open to lowering tax rates for high earners later next year as part of a broad tax reform package. and senate republican leader mitch mcconnell did not directly endorse the g.o.p. plan. for now, house speaker boehner put the ball in the president's court, releasing a statement: "the president now has an obligation to respond with a proposal that can pass both chambers of congress." >> susie: we turn tonight to other opinions on the fiscal cliff impasse. we talk with the chairman of the national governor's association, and we also hear from a leading advocate for responsible fiscal policy. we begin with governor jack markell, the demo
. moving to a more accurate inflation measure called the "chained c.p.i." would cut the deficit by $200 billion over ten years. supporters say the change wouldn't cut benefits. >> if we're making the change to reflect what is the real cost of living, as opposed to a different one, then you are not reducing them; you're just truing up what you should be getting. not something that-- i hate to use the term-- that might be inflated beyond what it should have been. >> reporter: this so-called technical fix will shave a quarter of a percentage point off social security's annual cost of living increase, and that difference adds up over time. some worry that will hurt the very old. >> it cuts real benefits. if somebody is getting fewer dollars in their check, that's real to them. and for people who are sliding progressively farther behind prevailing living standards, which is true of those out of the labor force for a very long time, it's about as real as it gets. >> reporter: but the change to a chained c.p.i. is easy to do, and that means it could be packaged into a deficit agreement quickly
federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply managemens purchasing magers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty rare event it just seems to be the holiday sentiment tend to its lift stocks. i think that is what will happen this kror because i'm
that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington's got a spending problem, not a revenue problem. >> tom: congress and the president have 24 days to reach a deal, before the fiscal cliff's tax hikes and spending cuts take effect. >> susie: mark zandi says "bad things will happen to the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house mars haven't nailed thi down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >> susie: some people are
in time when you're able to deal with some of the deficit issues -- and by the way, government is only funded through march, anyway. so regardless of the debt ceiling, there's still the issue of the fact that we have-- we have only funded government through march. there are two points, the funding of government and the debt ceiling and i would agree with you, that it's unfortunate that a 11 reg point like that has to be used. we should sit down to solve the problem. but the it's the only thing thus far that produced results -- we got the budget control act last time-- to really take our nation towards solvency. i would agree with you. i wish we could sit down and self-solve it. i think there is a majority in the hous house and senate that t to do that, but the only two negotiators that matter right now are the president and speaker boehner. and as i mentioned before-- again, i understand there are two sides of this tale-- the president is really not yet offering the kind of reforms that would make these programs solvent for the long haul so we're trying to think how do we get there. so
Search Results 0 to 9 of about 10